Panic hits global markets amid threat of coronavirus and oil price slump
FTSE100 expected to fall 6.3% on opening on Monday after Asian shares are battered by growing fears of a worldwide recession
Stock markets in Europe and the US are braced for their biggest falls since the 2008 financial crisis after the trading week began with panic selling amid the double threat of a coronavirus-driven global recession and an oil-price war.
The FTSE 100 was projected to plunge by 6.3% when trading begins on Monday, while the Dow Jones industrial average was on course to lose 4.9% in New York.
Related: Coronavirus live updates: stock markets plunge on global recession fears
Italy was plunged into chaos as the number of fatalities increased by more than 50% to 366 and government plans to lock down large parts of the country's north, or about 25% of the population, were leaked to the media.
The stranded cruise ship Grand Princess was expected to finally dock in Oakland, California on Monday as arrangements were made for its 3,500 crew and passengers, some of whom have contracted the virus. The number of deaths in the US rose to 21 with more than 550 confirmed cases.
Saudi Arabia cordoned off the oil-rich, predominantly Shia region ofQatif, suspended air and sea travel to nine countries and closed schools and universities as the number of cases in the kingdom continued to increase.
Organisers of the Australian Grand Prix, set to kick off the Formula One season in Melbourne on Sunday, said there was "no chance" the race would be called off despite rising concerns about the event's large crowds facilitating the spread of the disease.
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